PPP Loan Data — Shedd Aquarium Society, Chicago, IL

IL Nonprofit Organization

Shedd Aquarium Society

Entity: Non-profit Organization

Industry: Museums

Location: Chicago, IL

Shedd Aquarium Society is a non-profit organization located at 1200 South Lake Shore Drive 0.0 in Chicago, Illinois that received a Coronavirus-related PPP loan from the SBA of $4,898,487.00 in April, 2020.

$ PPP Loan Information
Loan #1418727109

Loan Size:

$4.9M

Jobs Retained:

450

Loan Approved:

2020-04-10

Loan Status:

Paid in Full or Forgiven

Lender:

JPMorgan Chase Bank, National Association

Shedd Aquarium Society in Chicago, IL received a Paycheck Protection Loan of $4.9M through JPMorgan Chase Bank, National Association, which was approved in April, 2020.

This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in August, 2021.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Based on the standard PPP eligibility formula, it may be possible to estimate the payroll expenses represented by a company on their PPP application (see details above). In order to qualify for the PPP loan amount received, Shedd Aquarium Society's 2019 payroll expenses are estimated to be at least $23.51M.

Based on their reported 450 jobs retained, this equals an estimated average yearly compensation of $52,251 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Shedd Aquarium Society reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $4,301,889
Utilities: $299,089
Health Care: $188,451
Debt Interest: $109,058

Because the loan received by Shedd Aquarium Society is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Shedd Aquarium Society in Chicago, IL

Shedd Aquarium Society
1200 South Lake Shore Drive 0.0
Chicago, IL 60605

Business Industry:
Museums
NAICS code 712110

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Cook County, IL — SBA Office 0507 — Congressional District: IL-07

Similar Companies near Chicago

In the Chicago area, 7 businesses in the "Museums" industry received a PPP loan. These local businesses reported an average of 186 employees (compared to this company's 450) and received an average PPP loan of $2,268,539 (compared to this company's $4.9M).

Similar Nearby Businesses Who Received PPP Funding:

Frank Lloyd Wright Trust
Chicago, IL

$398,549 PPP Loan

Field Museum Of Natural History
Chicago, IL

$6.34M PPP Loan

The Irish Georgian Society, Inc
Chicago, IL

$38,490 PPP Loan

The Adler Planetarium
Chicago, IL

$1.84M PPP Loan

Industry PPP Comparison Statistics

Nationwide, 7,165 businesses in the "Museums" industry received a total of $1.13B in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.

PPP recipients in this industry report an average of 18 employees, 96% lower than Shedd Aquarium Society's reported 450 employees, and received an average PPP loan of $157,096, 97% lower than this company's loan of $4.9M.

FederalPay's PPP Information Policy

Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.

All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.

2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.

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